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Fair Value Measurements (Tables)
 9 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Assets and Liabilities Required to be Carried at Fair Value on a Recurring Basis
The following table sets forth the assets and liabilities required to be carried at fair value on a recurring basis as of December 31, 2016 and March 31, 2016:
 
December 31, 2016
 
March 31, 2016
 
Level 1
 
Level 2
 
Total
 
Level 1
 
Level 2
 
Total
Assets:
(Amounts in millions)
Available-for-sale securities (see Note 4) (1):
 
 
 
 
 
 
 
 
 
 
 
Starz Series A common stock
$
—

 
$
—

 
$
—

 
$
56

 
$
—

 
$
56

Starz Series B common stock
—

 
—

 
—

 
—

 
68

 
68

 
 
 
 
 
 
 
 
 
 
 
 
Forward exchange contracts (see Note 18)
—

 
—

 
—

 
—

 
9

 
9

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Forward exchange contracts (see Note 18)
—

 
(2
)
 
(2
)
 
—

 
(1
)
 
(1
)
 
$
—

 
$
(2
)
 
$
(2
)
 
$
56

 
$
76

 
$
132


(1)
At March 31, 2016, the Company classified the Series A common stock of Starz within Level 1 of the fair value hierarchy as the valuation inputs were based on quoted prices in active markets. The Series B common stock of Starz was considered a Level 2 security because the quoted market prices were based on infrequent transactions. Therefore, the fair value of the Series B common stock, which was convertible, at the holder’s option, into Series A common stock of Starz was based on the quoted market price of the Series A common stock, which was an equivalent security other than for the voting rights.
Carrying Values and Fair Values of Assets and Liabilities Not Required to be Carried at Fair Value on a Recurring Basis
The following table sets forth the carrying values and fair values of the Company’s investment in Pop's mandatorily redeemable preferred stock units and outstanding debt at December 31, 2016 and March 31, 2016:
 
 
December 31, 2016
 
March 31, 2016
 
(Amounts in millions)
 
Carrying
Value
 
Fair Value
 
Carrying Value
 
Fair Value
 
 
 
(Level 3)
 
 
 
(Level 3)
Assets:
 
 
 
 
 
 
 
Investment in Pop's mandatorily redeemable preferred stock units
$
94

 
$
115

 
$
99

 
$
115

 
 
 
 
 
 
 
 
 
Carrying
Value
 
Fair Value
 
Carrying Value
 
Fair Value
 
 
 
(Level 2)
 
 
 
(Level 2)
Liabilities:
 
 
 
 
 
 
 
Term Loan A
975

 
1,003

 
—

 
—

Term Loan B
1,944

 
2,010

 
—

 
—

5.875% Senior Notes
498

 
528

 
—

 
—

January 2012 4.00% Notes
42

 
43

 
40

 
41

April 2013 1.25% Notes
60

 
58

 
60

 
54

Production loans
298

 
298

 
690

 
690

5.25% Senior Notes
—

 
—

 
221

 
230

Term Loan Due 2022
—

 
—

 
388

 
401

 
$
3,817

 
$
3,940

 
$
1,399

 
$
1,417